Understanding a Profit and Loss Income Statement for Beginners

Are you new to learning your business numbers? Curious as to what this thing called a P & L is? Wondering what this income statement is that your bookkeeper / accountant has been giving you?

Your profit and loss income statement is one of the most critical pieces to your small business. It is your business’s report card.

Yes, there are a lot of numbers on it, but it doesn’t have to be hard. It is actually easy to understand as it is just showing you the flow of money in and out of your business.

Let’s take a quick look at what a profit and loss incomes statement is and how you can learn to read it in just a few minutes.

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WANT TO DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS?

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WANT MORE? HERE ARE SOME OTHER VIDEOS TO HELP…

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PLAYLISTS TO CHECK OUT:

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FREE GUIDES / TOOLS

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Books I Recommend to All Small Business Owners – 5 Must Reads

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TOOLS TO HELP YOU RUN A BETTER BUSINESS

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👉 DISCLAIMER: I am not an attorney, CPA, bookkeeper, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed. I’m sharing my experiences with my businesses and those I have worked for and/or helped coach.

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#BABOLearning #KnowYourBusinessNumbers #SmallBusinessOwner

[sueradziej]

This was very helpful. I look forward to watching more of your content.

[boxrod]

Thank you! Such and easy to understand video. Thanks for all your helpful info!

[TruthNeverHurt]

Sales-Coast to goods-Expensess=Profits

[wagasoolore]

easy to understand love love thank you so much

[themadolins]

How to go about the scenario where the net operating income is negative (e.g. -5K) for the month. Should the owner be required to put it in 5K out from his own pocket to protect the business?

[shenellebenta]

Thank you for the video....believe me when I say it is very helpful...Quick question: I operate my business virtually as a solopreneur, should the rent of my apartment be included in operational expenses?

[PalmSpringsInDallas]

Where can I find your Profit and Loss template that you have in your video to get started on my own P&L?

[LacyeMartini]

Great video and so helpful. I can't find the template. Is it still available?

[BadassBusinessOwners]

*What is the Biggest Struggle You Face with Learning Your Business Numbers? - Tammy*

[sherocoffeeclub]

Where do I get more info about the know your business numbers course?